How can you optimize your business cost with DYNAMICS 365?
Once upon a time, the most you could expect from your cost accounting system was a record of a project’s costs and revenues. However, with today’s data-driven business solutions, you no longer have to be content with simply looking backward. Your organization can work proactively to optimize resources, control costs, and build profits by capturing and leveraging project data in real-time.
Today, we’ll show you how a powerful third-party time tracking solution may help you enhance your cost accounting system by integrating with Microsoft Dynamics 365.
MINIMIZE COSTLY MISTAKES
Garbage goes in, and garbage goes out. Clean, reliable data is a core prerequisite for efficient, effective company management systems, which we learn (often the hard way). One of the most important tasks of any business system—especially for time entry in a cost accounting system—should be to minimize the possibility of entering erroneous data. With the following features, your timesheet solution may help you avoid costly mistakes, cut costs, including cut business costs or accounting costs at every step:
- Ease of use
- Mobile capabilities
- Smart timesheets
- Flexible rules engine
- Two-way Microsoft dynamics 365 integration
RESOURCE OPTIMIZATION
For most project-oriented organizations, resource utilization outweighs all other factors in final cost accounting. Balancing resources efficiently to maintain high utilization without burning out employees necessitates a global view of operations. A seamless integration of your time tracking solution and enterprise resource planning (ERP) system will ensure that project managers make the most of the available forecasting and analysis tools to gain a reliable, holistic view of resource allocation. With improved time and cost accounting insight, your managers will be able to efficiently balance talents, work environment, resources, schedules, motivate employees, and other factors to improve workforce performance and control project costs.
LEVERAGE DATA TO INCREASE PROJECT PROFITABILITY
Executives and managers will benefit from a bi-directional data connection between Dynamics 365 and a dynamic, configurable time tracking solution, which will give them the comprehensive data needed to enable better customer experiences and analysis opportunities. A system with powerful analysis and reporting tools will provide deep insights into team performance, employee experience, resource utilization, and project schedule to help improve operations and build project profitability, giving your organization a competitive advantage. You can lay the groundwork for a data foundation by using detailed time tracking and resource management tools that integrate with Dynamics 365, and it will:
- Improve customer experience
- Promote continuous improvement
- Explore powerful analytics
ACCELERATE CASH FLOW
Not only will implementing a robust time tracking system that can sync with your Dynamics 365 ERP make a project or account-based time tracking easier for you and your employees. But it will also ensure faster, more accurate client billing processes and shorten the time between service delivery and payment.
With centralized resource data and automated processes connecting best-of-breed time tracking and accounting systems, such as Journyx and Microsoft Dynamics 365, your company can produce more accurate invoices that meet the customer’s requirements the first time. Moreover, reducing unnecessary back-and-forth correspondence to clarify project codes and explain charges quickly erodes client trust.
A DYNAMIC ERP AUTOMATED TIME TRACKING SYSTEM WILL:
- Validate customer information
- Billing should be modernized
- Simplify approvals
- Accounting should be simplified
Bottom Line
You should have higher expectations of your cost accounting system for the sake of employee satisfaction too. Working remotely has become more accessible to people and businesses as technology has advanced, and the expectation for streamlined business processes is high. You can capture and leverage real-time project data with a robust time-tracking system that integrates with Dynamics 365 to proactively manage resources and control costs. For more information, let’s talk to the experts of DHRP.
